Ways for South Korea to properly gear up for the Fourth Industrial Revolution era were explored at the Global Business Forum on Wednesday at the Ambassador Seoul hotel.

During the during the sixth session of the forum, Ahmad Fahmi Ahmad Sarkawi, charge d'affaires at the Malaysian Embassy in Seoul, emphasized South Korea's need to make necessary preparations to adapt and improve itself in the rapidly evolving world.

As the pandemic fades out, Sarkawi said he believed it is "very timely" for organizations to look forward to adopt state-of-the-art technologies that would innovate the way people live.

Lee Kwan-sup, the principal research engineer at Korea Railroad Research Institute, suggested that hyperloops, or ultrahigh-speed transportation system used for both public and goods transport, is the area that the government and businesses can work together for development.

According to Lee, hyperloops, with their capacity to go at some 1,200 kilometers per hour, will function as a solution for spatial obstacles in everyday lives, while working even as a solution for social inequalities by tightly connecting differing regions and people.

"Currently, we are receiving funds from the Ministry of Land and Ministry of Science to make this a reality," said Lee.

"And with a big enough budget, we estimate that hyperloops in Korea can become a reality," he said, adding that the public sector and private sector should work closely together to manifest innovative future interests.